Slumping economies in the United States, Spain and Japan are causing reverberations in the countries of Latin America as migrant workers send less money home.

Latin America

The Inter-American Development Bank reported that for the first time since they began tracking remittances in 2000, remittances to Latin America declined in the fourth quarter of 2008, dropping 2% relative to the fourth quarter of 2007.

Although El Salvador’s Supreme Electoral Tribunal has not yet certified a winner, Funes shows an insurmountable lead in the results, besting Alianza Republicana Nacionalista (ARENA) candidate Rodrigo Ávila by a margin of 51.27% to 48.73%, with 90.68% of votes counted.